NC H603

Creates a Workforce Housing Preconstruction Revolving Loan Program within the NC Housing Finance Agency to provide short-term financing for preconstruction costs including land surveys, environmental testing, utility connections, permits, and site preparation

Defines workforce housing as affordable to households earning 60% to 120% of county or state area median income, whichever is higher

Caps individual loans at $1,000,000 and reserves 80% of loans for tier one and tier two development counties, with 20% reserved for tier three counties

Requires developers to provide 20% to 35% project equity based on local market conditions

Appropriates $40 million in nonrecurring funds from the Economic Development Project Reserve to the NC Housing Trust Fund, effective July 1, 2025